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Short Term Technical Analysis for Majors 07:00 GMT)

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Short Term Technical Analysis for Majors 07:00 GMT)

Postby WindsorBrokers » Tue Apr 19, 2011 7:31 am

EUR/USD

Extended reversal from 1.45 area, to clear 61.8% retracement of 1.4020/1.4518 upleg at 1.4210 and post fresh two-week low at 1.4156, just ahead of 1.4150 support Recovery/consolidation is under way, attempting to hold gains above hourly 20 day MA, currently at 1.4230 and signal further recovery, for upside test of 1.4300/28. Deeply oversold 4- hour conditions, also suggest correction higher. On the downside, loss of 1.4156/50 handle, will open 1.4050, ahead of possible full retracement at 1.4020.

Res: 1.4245, 1.4274, 1.4300, 1.4349
Sup: 1.4204, 1.4156, 1.4150, 1.4060

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GBP/USD

Yesterday’s loss of 1.6226, key near-term support has spiked to 1.6165, fresh two-week low, ahead of rebound. Gains reached 1.6270, but run of steam, returning under 1.6250/40, 20 day MA / Fibonacci 38.2% retracement, and turning near-term tone negative. While 1.6270 stay intact, scope is seen for fresh attempt towards 1.6220 area, loss of which would re-focus 1.6165. Above 1.6270, however, opens 1.6300//27.

Res: 1.6270, 1.6300, 1.6327, 1.6369
Sup: 1.6228, 1.6200, 1.6175, 1.6165

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USD/JPY

20 day MA on hourly chart maintains negative tone, as recovery attempt from yesterday’s low at 82.17 was capped at 82.70/60 zone. Next target lies at 82.00, 38.2% retracement of 76.32/85.50 upleg, loss of which will open 81.54, 29 Mar low, next. On the upside, regain of minimum 83.00 is required to signal recovery under way and open way for test of 83.77/84.25, 15/13 Apr highs.


Res: 82.70, 82.94, 83.25, 83.42
Sup: 82.31, 82.17, 82.00, 81.83

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USD/CHF

Remains in a recovery mode off 0.8894, fresh historical low, after strong bounce from yesterday’s spike low at 0.8904 briefly broke above 0.8990, previous high. Corrective pullback is under way, and while above 20 day MA on 4-hour chart at 0.8942, scope exists for fresh attempt towards key near-term barrier at 0.9000, break of which is needed to trigger further recovery and open 0.9060/0.9100 next. On the downside, loss of 0.8944, today’s low, would signal near-term top at 0.8998 and risk return to 0.89zone.


Res: 0.8974, 0.8998, 0.9017, 0.9060
Sup :0.8944, 0.8920, 0.8904, 0.8894

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